COVID-19 Business Challenges


28 Aug
28Aug

Whether you have been in business for one year or even twenty-five years, the past six months have no doubt changed your business.  We have learned to adapt to our ever-changing environment for the safety of our employees and consumers. Let's be honest, no one saw a global pandemic coming our way in 2020.  

We keep bringing up the word adapt.  Adapt, we must.   

Here are three ideas to help your business continue to adapt to 2020.  Keep in mind 2021 is right around the corner! 

 

  1. Ask for help!  Push your pride aside, and don't be afraid to say, "I need help." If you have laid off some of your team members, those roles and responsibilities have either fell on you, the business owner, or another team member. Don't let those roles dissipate or stress you out.   Have you considered researching outsourced companies that can help facilitate and even accomplish some of the roles and responsibilities that have fallen on you?  Bookkeeping, accounting, marketing, HR, social media management, public relations are all roles that are easily outsourced.   

 

TIP: Make sure to do research and ask around for the best outsourcing companies in your area.  Ask for their systems and processes for how they interact with the companies they work with remotely.  Communication is vital for outsourced companies.  

 

  1. Brick and mortar vs. remote. Do you need an actual office space for your team? If you were one of the many businesses that moved to a remote workplace, how have you been operating?  Have you been able to adapt to a remote platform efficiently and effectively?  One of the common hurdles that companies face while moving remote is their phone system.  Thankfully with today's technology, most commercial phone companies have virtual phones that your team can access through their desktop.  Even in some cases eliminating the need for an actual desktop phone.  How would removing rent, office supplies, office snacks and water, parking fees, security systems, just to name a few, affect your company’s expenses?  

 

TIP: If moving to a permanent remote workplace, consider renting a couple of workstations in a shared workstation office building.  Your team can reserve office workstations if they need to get out of their house and work.  We all need a change of scenery every once in a while.  Shared offices are becoming more and more popular.   
 

  1. Review your P & L.  Continue to review your profit and loss statement monthly with your leadership team.  Again, as your business adapts to the ever-changing environment, there will be expenses that can be reviewed and either removed entirely or updated to help your bottom line.  In return, you might need to add some costs to ensure your staff has what they need to succeed while again, adapting.  We have said it before, but let's repeat it, communication is vital.  Review and communicate your profit and loss statement monthly to your team.  

 

TIP: Encourage your department leads and staff to provide feedback on what expenses they are using or not using.  We are all guilty of signing up for a computer software program that should help us become more efficient; however, we never use it. Don't let those expenses stack up.   

 

Are you interested in learning more about ShoreSource Business Solutions, LLC?   
Feel free to reach us at 843.729.2961 or info@shoresourcebiz.com.
 

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